Excerpt from article suggesting debt counselling for aging baby boomers will be increasing:
….What will be the solutions to pensioner debt? Debt counselling seems to be shunned by later-lifers according to the evidence available, with younger cohorts more likely to use it, which does not help.
For homeowners, equity release providers could ride to the rescue, but for those aged around 60, only 20% or so of the property value could be realised. For some, this may be enough, but not for others.
Credit card debt could be consolidated into a personal loan, provided there is enough income to service the repayments without further impacting standards of living. Finding work to increase income may help, enabling debt to be cleared in a structured fashion and reinforcing pension income receivable.
But the saddest thing is what should be the most relaxed, care-free and enjoyable years of your life may turn out for many to be laden with worry, stress and money problems. None of these extend your lifespan. And for ‘generation rent’ it could be much worse.
Full article at: http://citywire.co.uk/new-model-adviser/news/blog-drawdown-market-must-deal-with-pensioner-debt/a1021872